Chicago-area sales of homes in the midst of foreclosure spiked in late summer, according to a report in the Chicago Tribune.
Third-quarter pre-foreclosed home sales went up 34 percent over the second quarter, and went up 65 percent over the same time period last year, the report said. With so many homes being sold from the foreclosure pool, it’s expected that housing prices, as a whole, will rise as the cheapest homes become more scarce, according to the report. ...More HERE
Of course, these economic realities don't seem to matter to Illinois state legislators who passed a bill to shorten the established foreclosure process, which currently must be overseen by a judge and is not controlled by politicians.
